Rhinoplasty or nose reshaping surgery is a cosmetic procedure performed to improve the appearance and proportion of the nose. It is used to correct nasal issues arising from birth defects, heal trauma-related injuries, or reshape for aesthetic purposes. Some common issues addressed through rhinoplasty include a large or asymmetrical nose, nasal bump, wide nostrils, and crooked bridge. The surgery involves breaking and repositioning nasal bones and cartilage in order to improve breathing and achieve the desired aesthetic shape.
The global Rhinoplasty market is estimated to be valued at US$ 4488.5 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The growing incidences of nasal imperfections due to trauma, disorders, or hereditary abnormalities have increased the demand for cosmetic rhinoplasty procedures worldwide. According to the Aesthetic Plastic Surgery Statistics for 2022 published by the International Society of Aesthetic Plastic Surgery (ISAPS), 1,669,464 rhinoplasty procedures were performed globally in 2021 representing an increase of 10.2% compared to 2020. Moreover, growing focus on physical appearance and rising awareness regarding cosmetic surgeries have further boosted the market growth. Easy access to loans and affordable financing options have also made these procedures accessible to a wider population base. Therefore, the increasing preference for cosmetic enhancements and availability of flexible payment options provide opportunity for rhinoplasty market players to expand their business in the coming years.
Porter's Analysis
Threat of new entrants: The risk of new competitors entering the rhinoplasty market is moderate as the industry requires high surgical expertise and experience.
Bargaining power of buyers: Individual consumers have low bargaining power due to limited choice of surgeons and necessity of the procedure. However, larger hospitals and healthcare providers can negotiate on price and purchase in bulk.
Bargaining power of suppliers: Drug makers and medical device manufacturers have moderate power as rhinoplasty relies on certain speciality equipment and pharmaceuticals with no close substitutes.
Threat of new substitutes: There are currently no close substitutes for rhinoplasty as it is a specialized surgical procedure.
Competitive rivalry: Competition between existing surgeons is high based on surgical outcomes, reputation, and marketing.
SWOT Analysis
Strengths: Advanced surgical techniques, high demand for aesthetic procedures, growing medical tourism.
Weaknesses: Risk of complications, lengthy recovery time, high costs of surgery and follow ups.
Opportunities: Expanding healthcare infrastructure in developing nations, increasing cosmetic obsession on social media.
Threats: Regional price regulations, medical malpractice lawsuits, shift to non-invasive procedures.
Key Takeaways
The Global Rhinoplasty Market Share is expected to witness high growth over the forecast period of 2023 to 2030. The global rhinoplasty Market is estimated to be valued at US$ 4488.5 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
The market in North America holds the largest share currently due to a high rate of cosmetic procedures and presence of leading surgeons. However, the Asian market is growing rapidly with countries like South Korea, India and Thailand emerging as top destinations for medical tourism. Governments in Asia are also promoting medical tourism by setting up international clinics and streamlining medical visa approvals. The increased penetration of social media and western beauty standards has further boosted demand.
Key players operating in the rhinoplasty market are ESI Triage, Emergency Medical Associates, VeEDIS Clinical Systems, HealthLynked Corp, Innovative Health Media LLC, Digital Health Solutions LLC, PatientStack, Allm Inc., Pulsara, PatientCare Technology, Averhealth LLC, Emergisoft, Kyruus, Evolve Technology Solutions, eVisit, LeanTaaS, Twiage LLC, RapidDeploy, SonarMD, and Qventus Inc. The major players are focusing on adopting new technologies like 3D imaging for accurate simulations pre-surgery and expanded access in emerging nations.
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